Mazars suspends crypto auditing for Binance

Mazars, the auditor for Binance, has decided to suspend its services for cryptocurrency companies.

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Bloomberg said that the cryptocurrency exchange Binance said on Friday that its auditor Mazars has stopped working with cryptocurrency companies, including cryptocurrency exchanges.

A Binance representative said that Mazars will not help cryptocurrency exchanges with services like providing proof of reserves. Binance, KuCoin,, and other companies are among the clients. Mazars’s AUP engagement is often used as if it were an audit.

Mazars Audit

Mazars has said that they will stop working with all of their crypto clients around the world for a short time. This includes, KuCoin, and Binance. This is too bad, because it means that we can’t work with Mazars right now.

Binance FUD

Due to Binance FUD, the news caused a lot of people to sell their crypto on the market. The price of Bitcoin (BTC) fell by more than 2%, and it is now worth $17,015. In the last 24 hours, the price of BTC has dropped by almost 4%. In the last 24 hours, the price of Ethereum has dropped by almost 6%, and it is now worth $1,212.

“CZ,” who is the CEO of Binance, wrote on Twitter, “Blockchains are public, permanent records. It’s the most easy to check. The auditing firm had already done Proof of Reserve (PoR) for Binance, which showed that its Bitcoin reserves were too big. But Glassnode’s on-chain data showed that Binance’s self-reported PoR didn’t show enough Bitcoin.

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FTX. was on Thursday.

The US auditing firm Armanino said it would stop doing crypto audits and drop clients. Armanino was named in a class-action lawsuit because he didn’t notice problems with FTX.US accounts during last year’s audit of the exchange.

Source: Google Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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